ECB leaves rates unchanged as expected at 0%.

All eyes on the press conference to understand, and eventually anticipate, the next Central Bank move that should be announced in October.

Uncertainty raised on conflicting messages from the President Draghi. On one hand GDP was revised up for the years 2017-2018-2019. On the other anyway, Inflation was revised down for the same period. One of the main causes of this is the EUR/USD exchange rate that has been strengthening for the past few months. The Central Bank anyway remains confident on inflation because of the improving scenario in the labor market across the EU.

October meeting will clarify what will be the monetary policy adopted in 2018. All options are on the table, from tapering to QE extension in 2018.